You need to accumulate $10,000. To do so, you plan to make deposits of $1,100 per year,
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You need to accumulate $10,000. To do so, you plan to make deposits of $1,100 per year, with the first payment being made a year from today, in a bank account that pays 7 percent annual interest. Your last deposit will be less than $1,100 if less is needed to round out to $10,000 or more than $1,100 if more is needed to round out to $10,000. How many years will it take you to reach your $10,000 goal? How large will the last deposit be? Show your work below.
Related Book For
Advanced Accounting
ISBN: 9781260247824
14th Edition
Authors: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupnik
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